Weak Europe's Statistics (ms)

On Friday traders dealing with the euro were under pressure of negative statistical data that came from the Eurozone.

Europe�s largest economy and exporter, Germany, is reducing the volume of trade. In April exports contracted much more than analysts had forecasted. As Bloomberg informed, the exports indicator had been likely to decline by 0.7%, but it actually fell by 1.7%.

Against the backdrop of such data, the euro resumed a bearish trend. The single European currency lost 90 points and came in at 1 US dollar 24.4 cent.

Moreover, a report on Italy�s industrial production added fuel to the fire. In fact, it confirmed that the region is experiencing troubles and indicated a pessimistic outlook for the euro.

In April Italy�s industrial output dwindled by 1.9% worsening an annual decrease to 8.8%. Analysts had failed to project the dynamics of the indicator: it had been expected to drift by mere 0.5%.

News from Spain is far from being optimistic as well. Fitch slashed the rating of the country due to a rising credit risk and provided a negative outlook.

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